Have had my SMSF underweight on banks since late last year. Seemed like a good decision early but obviously have missed the substantial rally since March. Analysts seem to be mixed - with a significant number still saying hold and quite a few with "sell". I am leaning towards staying out of the market for the time being - worried about further capital rasings diluting price, increasing unemployment putting further pressure on house prices and defaults and still plenty of bad news to come from business failures. But of course all this may already be factored into the current price levels.